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Abstract: Ferroptosis is a distinct kind of regulated cell death (RCD) identified by the accumulation of iron-dependent lipid reactive oxygen species (L-ROS) and differs from necrosis and apoptosis genetically and biochemically. In this review article, recent findings on new ferroptosis modulators, such as the ferroptosis suppressor protein 1 (FSP1)/coenzyme Q (CoQ) axis and regulatory pathways of ferroptosis, like cysteine/glutathione (GSH)/glutathione peroxidase 4 (GPX4), are incorporated, exhibiting drug candidates targeting these pathways and mechanisms. Potentially, this article mentions new clinical trials and drugs targeting ferroptosis, emphasizing their challenges and therapeutic implications. Considering ferroptosis's therapeutic potential, it suggests encouraging strategies for critical ailments such as neurodegenerative diseases, cancer, and liver diseases. Furthermore, limitations of ferroptosis therapy in clinical approaches, with provided suggestions, are included. This thorough analysis, combining translational approaches and mechanistic insights, results in the emergence of next-generation ferroptosis-based therapeutics, characterizing a predictive step in therapeutic application in these critical ailments.